Extra Space Storage Inc., a self-storage real estate investment trust (REIT) and third-party management firm, has purchased Lock-It Lockers in San Diego for $15.4 million. The property at 1560 Frazee Road has been rebranded under the company name.
Located in the Mission Valley area, the facility is near residential and commercial properties. It comprises 56,700 net rentable square feet of storage space in more than 750 units. Property features include 24-hour access, electronic gate access, outdoor vehicle parking and a business center. The site also has a cell tower.
The seller, who developed the property, was represented in the transaction by Dean Keller, president of Bancap Self Storage Group Inc., a real estate firm with more than $1.35 billion in storage sales. The company has specialized exclusively in self-storage properties for more than 30 years.
Headquartered in Salt Lake City, Extra Space owns or operates 1,513 self-storage properties in 38 states; Washington, D.C.; and Puerto Rico. Its properties comprise approximately 1.03 million units and 114 million square feet of rentable space.